New York Real Estate Developers flock to Miami in Search of the Next Big Neighborhood

Miami Real Estate is becoming more and more appealing not only to foreign investors but also to developers from other states.

A New York developer, Sam Tawfik, is making a big bet on a once-desolate but now artsy and up-and-coming part of Miami, plunking down almost $12 million for 27 apartments — and he thinks he’ll turn a hefty profit when the neighborhood becomes the new SoHo.

Shopping center and Manhattan commercial office space owner Sam Tawfik purchased the one- and two-bedroom and penthouse units in two buildings off Biscayne Boulevard for between $260,000 and $1 million.

Paying $327 per square-foot, the developer likes the short term appreciation in the burgeoning Midtown Miami neighborhood he compares to SoHo of the early 1990s where artists scooped up lofts for $50,000. Those homes today are worth upwards of $3 million. *Source:Jason Sheftell New York Daily News

To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com